Coinbase Raises Pressure as Crypto Bill Moves to Senate Markup

Coinbase Global Inc. is escalating pressure on US lawmakers to preserve its ability to offer rewards to customers who hold stablecoins — an offering the company sees at risk if certain restrictions under discussion make it into a major crypto bill set to be unveiled Monday.

The largest US crypto exchange may reconsider its support for the digital-asset market-structure bill — scheduled for markup in at least one Senate committee on Thursday — if the text includes anything beyond enhanced disclosure requirements tied to rewards, according to a person familiar with the firm’s thinking.

Coinbase didn’t respond to requests for ...